My main concern is that the regulators will just make a decision...

My main concern is that the regulators will just make a decision to wipe out the trailing commissions, no more grandfathering. The talk of it at the moment is in financial services, not insurance but it is not unreasonable to expect it to be in scope.

The other issue is timing, I don't know how they worked out the NPV of the TC's, but one would presumably expect most of that to be stacked in the near term, as people drop off over time. So in the event TC's get banned completely for financial services AND insurance... what is also important is the timing. Immediately, or in future.